Infrastructure
Each: CCPs seek safety in numbers
Each and everyone
US clearing head leaves Morgan Stanley
New York-based client clearing head leaves as OTC clearing competition hots up
Trade repositories consider connectivity options
With multiple trade repositories appearing in a number of asset classes, including foreign exchange, market participants are considering how competing repositories should collaborate to avoid data inconsistency
Despite MF Global, firms face weaker OTC safeguards
Segregated thinking
Canada clearing paper will not address CCP location question
A consultation on OTC clearing is expected in the coming months, but a key question will not be answered
Risk Annual Summit: Central clearing divides buy side
A hammer to crack a nut, or a chance for everybody to win? Buy-side panellists disagree on the merits of central clearing
Risk Annual Summit: Buy-side firms call for clearing changes
Eligible collateral for CCP margin needs to be reviewed – and regulators also need to ensure the clearing exemption for some end-users is not negated by Basel capital rules, say buy-side firms
Identifiers key to repository success, say participants
Consistent reporting to multiple trade repositories under new OTC regulations will depend on the successful adoption of legal identifiers
Ice to compete with CME and LCH.Clearnet on FX clearing
Competition in forex clearing intensifies as LCH.Clearnet receives regulatory approval and Ice explains how its rival offering will differentiate itself
CCPs need to provide margin efficiency, says industry panel
Central clearing will place a huge burden on end-users, forcing CCPs to consider how best to create operational and margin efficiencies
Custody Risk spring 2012
Welcome to the spring 2012 issue of Custody Risk
US banks could lose competitive edge in Europe, says EIB
US regulations on mandatory clearing and uncleared margin could put US dealers at a competitive disadvantage in Europe, says EIB
South African banks will struggle with CCP default fund requirements, say participants
Default fund contributions will be too onerous for South African banks, say conference participants
Ability to use custodial accounts worries OTC clearing members
Custodial accounts worry OTC clearers
Despite MF Global, firms face weaker OTC safeguards
Segregated thinking
Margin segregation
In depth: segregation introduction
FSA: facing up to cross-jurisdiction conflicts
Juggling across jurisdictions
More sovereigns edge towards two-way CSAs - and clearing
Towards two-way CSAs
Lack of liquidity in OTC derivatives market must not prevent the creation of a Korean CCP
Maintaining parity with international peers, not derivatives market liquidity, the main criterion for introducing central counterparty clearing, according to the Korean Exchange
Margin rules for uncleared FX rest with regulatory working groups
Regulators must adopt a calibrated approach to mandated collateral so that short-dated FX swaps and forwards are not caught up in the rules unnecessarily, argue market participants
Futures markets could get OTC-style safeguards
Futures market participants expect tougher - and more expensive - collateral protections to be introduced as a result of the MF Global debacle, and the CFTC is ruling nothing out
Singapore’s FX exemption welcomed as a sign of global consistency
A proposal by the Monetary Authority of Singapore to exempt forex swaps and forwards from mandatory clearing is seen as a positive move to harmonise treatment of foreign exchange with the US
CCPs fear prescriptive Esma standards on margin and risk
Esma could take key risk management decisions out of the hands of CCPs, according to new discussion paper on the technical standards required by European clearing rules
LCH.Clearnet’s ForexClear awaits regulatory approval
Forex clearing platform for NDFs is ready for launch, pending regulatory approval, LCH.Clearnet confirmed in its annual report